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For the month of June 2023, patient charges at Southfield Hospital (a not-for-profit hospital) were $2,940,000. Third- party payers were billed $1,900,000. The hospital
For the month of June 2023, patient charges at Southfield Hospital (a not-for-profit hospital) were $2,940,000. Third- party payers were billed $1,900,000. The hospital estimated that contractual adjustments would reduce the amount collected from their-party payers to $1,790,000. Prepare the neccessary journal entry to record the contractual adjustments.
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Answer To record the contractual adjustments we need to recognize the reduction in reven...
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Advanced Accounting
Authors: Gail Fayerman
1st Canadian Edition
9781118774113, 1118774116, 111803791X, 978-1118037911
